Posts tagged as:

tax

Congress Bites At Pet Exemption

1 April 2012

Statistically, more than nine in ten pet owners say they consider a pet to be a member of their family, according to a 2011 Harris Poll. That’s a meaningful statistic in a country filled with pet owners: more than three in five Americans have at least one pet in the home with dogs, cats, fish [...]

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Taxes from A to Z: Z Is For Zero

30 March 2012

Z is for Zero. If you work a regular job – meaning that you’re not an independent contractor – you pay federal income tax as you go by having it withheld from your pay during the year. This is called “withholding” and is based on the number of allowances you claim when you file a [...]

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Taxes from A to Z: Y Is For Year End

29 March 2012

Y is for Year End. Tax returns are filed based on your tax year end. Individual filers have a calendar year which means that federal income tax returns are due on April 15 of each year – unless that day falls on a Saturday, Sunday or holiday as it does in 2012. This year, we [...]

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Taxes from A to Z: X Is For X-Mark (Signature)

28 March 2012

X is for X-Mark (Signature). No matter how thorough and accurate your tax return is, it’s not considered a valid return unless you sign it. If you are filing a joint tax return, your spouse must also sign. If you can’t sign your tax return for some reason, a representative can sign it on your [...]

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Taxpayers Spend Millions on New Voter ID Laws

26 March 2012

When I was a teenager, as soon as I was able, I rushed down to our local library to register to vote. In North Carolina, you can register to vote before you turn 18, so long as you’ll turn 18 by the next general election. And I wanted to be ready. I have always understood [...]

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Taxes from A to Z: V Is For Vacation Home

26 March 2012

V is for Vacation Home. Spring Break is coming up in a few weeks and we’re lucky enough to be able to spend time with my parents in coastal North Carolina where I grew up. Every year that we go down there, I convince myself that I want a vacation home. And I know exactly [...]

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Taxes from A to Z: U Is For Unreasonable Compensation

25 March 2012

U is for Unreasonable Compensation. I don’t love S corporations. I know that my CPA friends love, love them but I don’t. While I agree that they have advantages in terms of flexibility, many shareholders struggle with compliance putting the S status at risk. And even more concerning? The IRS isn’t a fan. And by [...]

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Taxes from A to Z: S Is For Standard Deduction

23 March 2012

S is for Standard Deduction. Most taxpayers have the option of claiming the standard deduction or the itemized deduction. I say “most” because, as with almost everything tax-related, there are some exceptions. You cannot use the standard deduction if you file as married filing a separate return and your spouse itemizes deductions; you are a [...]

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